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Under the new tax law that became effective January 1, 2018, the standard deduction has increased to $12,000 for individuals, $24,000 for married couples. At the same time, many itemized deductions have been limited or eliminated altogether. This means fewer people will be itemizing their deductions and receiving a tax benefit from their charitable gifts.
“And now, behold, the LORD has kept me alive, just as he said, these forty-five years since the time that the LORD spoke this word to Moses, while Israel walked in the wilderness. And now, behold, I am this day eighty-five years old. I am still as strong today as I was the day that Moses sent me: my strength now is as my strength was then, for war and for going and coming.” Joshua 14: 11-12
Late in 2015, Congress passed a bill regarding “Qualified Charitable Distributions” that is of great benefit to many retirees. Here’s how it works:
If you’re age 70½ or older and own an IRA, you are familiar with the Required Minimum Distributions that must be taken from your account each year. These distributions are almost always taxable and, in fact, that’s the whole idea. According to the tax law, it’s time to start paying taxes on some of the money inside the IRA; money that has been tax-deferred for many years, perhaps even decades.
Gateway Center for World Mission is a 501(c)(3) Christian missions ministry that equips leaders in their own life contexts with the resources they need for their ministry. Our statement of faith affirms the Lausanne Covenant. We are driven to see the Gospel of Jesus Christ bring life to every tongue, tribe people and nation. Now, the Lord has called us to have a greater impact through a Million Missionary Movement
